The results of spectrophotometric observations of CH Cyg in an active phase and during emergence from it are given: the spectral energy distribution in the 3225-7500 A range with 23 A resolution, the absolute monochromatic illuminances at eight selected wavelengths in the 3225-8015 A, and the emission fluxes in the Hα and Hβ lines. The features of the energy distribution in the stellar spectrum and the observed forms of variability, different between the short-wavelength and red parts of the spectrum, are determined by the instability of both of the system's components. In the active phase, CH Cyg's emission in the observed spectral range can be represented as the total emission from a cool M6 III giant and a hot hydrogen gas with a temperature T e = 10,000-15,000 K. In the low-brightness state, the star's energy distribution fully corresponds to that of a cool giant, the spectrum of which varies from M6 III to M7 III. The photometric variability of the cool component in the λ 8015 A range is 0 m .3-0 m .4. An increase in the brightness of the cool giant preceded a bright outburst of the hot component.